BlueStone, the direct-to-consumer (D2C) jewellery brand, recently secured a funding infusion of Rs 550 crore from a mix of existing and new investors, including prominent names like Nikhil Kamath from Zerodha, Ranjan Pai, Amit Jain, Deepinder Goyal, 360 One, and Info Edge Ventures. Notably, the startup has consistently achieved month-on-month EBITDA positivity.
In an interview, Gaurav Singh Kushwaha, the founder and CEO of BlueStone, highlighted the strategic intent behind the newly acquired funds, emphasizing their focus on geographic expansion. Kushwaha stated, “As omnichannel is working out very well for us, we need to expand our presence in many more cities, and there are so many cities where we are still not present. We are only present in 70 cities right now with around 180 stores. Cities like Surat and Udaipur are not even there, and these are very big cities for us. So the idea is to expand our store presence in all these cities, and a lot of capital would actually be deployed towards that.”
Established in 2011, BlueStone has set ambitious goals for expansion, aiming to establish 200 to 220 stores by the end of the fiscal year 2024, with further plans to reach 300 stores by the end of the fiscal year 2025. Kushwaha emphasized the startup’s vision to double its revenues, which stood at Rs 760 crore in FY23. The funding injection is expected to play a crucial role in realizing BlueStone’s expansion plans and strengthening its market presence.
The successful funding round reflects investor confidence in BlueStone’s business model and growth potential, especially in the context of its positive EBITDA performance. As the brand continues to scale its omnichannel presence, the funding will facilitate increased store presence in untapped cities, contributing to the overall growth and market reach of BlueStone in the coming years.
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